The 3rd Market Logic Executive Roundtable in Chicago in October was hosted by Paul Bould, VP Global Marketing Insights at Abbott Laboratories. Paul was joined by a panel of executives running Market Logic platforms at Hallmark, Kimberly-Clark and Mars Wrigley. Attendees included executives from Abbott, Barilla, Cardinal Health, Comcast, Dart, Kellogg’s, McDonald’s, McGraw Hill, Medela and MillerCoors.
Paul shared an inspiring presentation on the Abbott Insights Hub: a global insights platform that delivers organizational efficiencies with faster, more effective insights mining and learning.
Because the insights organization is an equal partner to marketing at Abbott Laboratories, Paul positions the ‘Insights Hub’ as the “connective tissue for insights across our business”, delivering fast access across corporate marketing and three business lines: nutrition, diabetes care and established pharmaceuticals. You can read about the Abbott ‘Insights Hub’ here
Anticipating a shifting landscape for insights professionals, Market Logic CEO Kay Iversen shared his vision and argued that AI will change the way marketers work with insights in the following four ways:
Responding to Kay’s presentation, Paul and the panellists made the following observations on AI:
A key outcome on the conversation of AI was that cognitive technology promises to make the application of insights far more transparent and accountable than ever before. Kay recalled the mantra, “…an insight can only deliver a return to the business when we do something with it.”
Paul then reiterated that insights executives need to be able to prove the ROI of their insights across the organization, to multiple stakeholders — and hard metrics are most effective.
He shared that Abbott Laboratories is a financially driven organization where leaders are required to report their contribution to sales shares and the bottom line every quarter. By contrast, at Hallmark, which is privately owned, key metrics are focused on usage – though metrics to prove insights value would be most welcome.
Paul argued that efficiency savings can be readily identified, referring to speed to insight measures cited in his case study, and cost avoidance outcomes such as reduction in duplication of research projects.
By far the bigger challenge is to measure the impact of insights on effectiveness. For example, “how to measure the overall impact of an insight that is used ubiquitously on sales and market share?” Paul challenged Market Logic and the roundtable community to work together to advance thinking and benchmarks along these lines.